Financial Mirror (Cyprus)

Tether, Bitcoin, Ethereum most traded cryptos in August


After a brutal comedown and one of the worst crypto price drops in years, cryptocurr­ency traders are showing renewed confidence, with many looking for a piece of the volatile market.

The crypto market’s trading volume increased 11.8% to $75.7 bln on the last day of August. However, some crypto coins witnessed increased trading activity throughout the month.

According to data presented by AugustaFre­, Tether, Bitcoin, and Ethereum remain the most traded digital coins in the crypto space.

Tether hit over $1.5 trln in monthly trading

The data compiled by CoinMarket­Cap showed Tether still represents the most important coin in the crypto space.

In August, the world’s most used stablecoin hit $1.54 trln in monthly trading volume, 40% more than the secondrank­ed Bitcoin. Also, statistics show Tether’s market cap rose from $66.2 bln to $67.5 bln in 30 days.

With $1.1 trln in monthly trading volume, Bitcoin ranked as the second most-traded crypto.

August was a rough month for the world’s most expensive crypto, with its price falling from $23,400 to $20,300 in 30days. Statistics show Bitcoin’s market cap plunged by 12% in this period, falling from $444.6 bln to $389 bln.

However, the biggest crypto continues seeing momentum, despite a shaky market because every move down is met with large orders of BTC, mainly from big wallet addresses.

Statistics show Ethereum’s monthly trading volume hit nearly $710 bln, making it the third most-traded crypto in August.

Like Bitcoin, Ethereum also witnessed its price drop last month, falling from $1,666 to $1,580. The market cap of the world’s second most-expensive crypto dropped from $201.3 bln to $193.9 bln in this period.

With $224.7 bln in 30-day trading volume, Binance USD ranked fourth in the list, one spot above the USD coin as the fifth most-traded crypto. Statistics show the stablecoin hit $169.2 bln in monthly trading volume or four to five times more than the other cryptocurr­encies on the top ten list.

WETH ranked sixth with $46.6 bln in monthly trading volume. BNP, XRP, Solana and Ethereum Classic follow with $30.9 bn, $29.4 bln, $27.3 bln and $27.1 bln, respective­ly.

The CoinMarket­Cap data also show all these cryptocurr­encies, except BNB, witnessed a price and market cap drop in August. During the month, BNB’s price rose from $285 to $288, driving its market cap from $45.9 bln to $46.4 bln.

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